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Markets Slide After China’s $75 Billion Tariff Hike

Stockhouse Editorial
0 Comments| August 23, 2019

North American markets took a downward turn Friday morning after China unveiled its new round of import tariffs on American goods in the two economies’ ongoing trade war.

$75 billion worth of US goods will be affected (including oil), ranging from 5% to 10%. This is in addition to China’s 25% tariff on auto imports.

The TSX opened lower after the news, as did Wall Street’s three main indexes. The Hang Seng and Asian markets were trading higher.

This happened just as investors were eagerly awaiting a speech from US Federal Reserve Chairman Jerome Powell at the Fed’s annual symposium in Jackson Hole Wyoming. The key takeaway will be any indication on future policy and expectations sit at a quarter percentage point rate cut in September at nearly 100% guaranteed.

Many are hoping for an interest rate cut given the recent inversion of the Treasury yield curve. Shorter-dated bonds yield more than longer-dated bonds, which has been a historic recession indicator.


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